Good question. At least here in Europe we have sort of the opposite situation. There are companies like RyanAir that have such low prices that you wonder how they can even profit from it. For example flying from London to Paris might cost something like $70, if you book in advance. Of course those flights are of the lowest possible standard, but I don't see how they can save enough to make up for the gas prices.
I think in a long time perspective though we will see airfare prices going way up, at least until they can run the airplanes on alternative fuel.
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